Annual rent increases slowing as average asking price reaches $2,174 in November
BNN Bloomberg
A report says the average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 per cent increase year-over-year.
The data released Friday by Rentals.ca and Urbanation, which analyzes monthly listings from the former's network, shows the annual rate of rent growth in Canada continues to slow, following increases of 9.9 per cent in October and 11.1 per cent in September.
The average cost of a one-bedroom unit in November was $1,911, up 13.6 per cent from the same month in 2022, while the average asking price for a two-bedroom was $2,260, up 10.5 per cent annually.
The report says there were notable slowdowns in two of Canada's most expensive major cities for renters. Vancouver saw asking rents rise 0.7 per cent from last year to $3,171, while average asking rents in Toronto decreased 2.4 per cent to $2,913.
